"Combining Health and Wealth for Long-term Success"
Jayden Wiggins, Wealth Advisor for Scotia Wealth Management is a dynamic and forward-thinking professional bringing a fresh perspective to the wealth management industry. With a passion for building meaningful relationships and a deep-rooted belief in living life to the fullest, Jayden’s approach is characterized by clarity, curiosity, and innovation.
Combining his expertise in economics and finance with a holistic understanding of client’s needs, Jayden strives to go beyond traditional strategies to provide comprehensive and individualized planning solutions that combine health and wealth for long-term financial success.
Where it all began
Jayden grew up in a competitive family. From a young age, he gained a strong work ethic through working with his father’s contracting business laying drywall and playing high-level sports like hockey and lacrosse. “While playing sports, I often held leadership positions such as captain or assistant captain,” he mentions. “I’ve always had an innate ability to get along with people. I always knew my path in life would involve harnessing my leadership skills and channelling my competitive drive into a career that would challenge me and allow me to make a positive impact on others.”
Jayden attended the University of Guelph, pursuing a degree in economics and finance as a co-op student. “Through this co-op program, I found my way into Scotiabank,” he recalls. “Initially, I started in marketing before making the switch to economics and finance because I recognized a need for it. At this time, I noticed a major gap in financial literacy knowledge in my generation.”
Acknowledging this need, Jayden decided to pursue a career in the financial services industry, setting the goal to learn as much as he possibly could. “I was fortunate to be the co-op student for a program called The Wealth Management Associates Program, which provided young professionals with insights into the finance industry and allowed them to apply their skills to pursue careers in wealth management,” Jayden says.
“When I was about 20 years old, I learned about ScotiaMcLeod, where I am currently employed, and I fell in love with the industry,” he mentions. Jayden quickly developed a deep passion for the wealth management industry, capitalizing on his natural people skills and building great relationships with his clients. Combining his skills and passion, he saw an opportunity to help others and found it incredibly fulfilling. “My goal was to become an independent Advisor, make a difference in the world, and prove to myself that I could succeed on my own. Fast forward about three years and here I am, pursuing the solo route. I haven't looked back since,” he says.
Combining health and wealth
As a young Wealth Advisor, Jayden feels as though his age gives him an advantage in this industry, offering him a fresh perspective. “Compared to 20 or 30 years ago, there has been a shift in the mindset of Financial Advisors,” he mentions. “I have been brought up in a new time where we prioritize a holistic approach to wealth planning, as opposed to a transactional approach that pushes product. Today, we rely on creating comprehensive strategies which involve assessing all facets of your life, including your children’s financial well-being and even looking at your health.”
Recognizing the close connection between wealth and health, particularly regarding longevity, Jayden emphasizes the importance of managing risks and planning for retirement. “The goal is to ensure that your retirement savings outlast you, especially if you lead a healthy lifestyle and live longer. Combining health and wealth is therefore crucial.”
“The only constant in life is change”
According to Jayden, wealth is a two-part equation. “First, it involves setting expectations. Next, it entails growing your wealth and net worth. In other words, it means identifying your goals and creating a wealth plan that maximizes after-tax returns,” he explains. Oftentimes, problems arise in financial wealth management when clients’ expectations surpass their needs. “I believe it’s in our human nature to overestimate what we can accomplish in the short term but underestimate what we can accomplish in 5, 10, 20 years down the road,” Jayden says.
“Your willingness to believe a prediction is influenced by how much you need or want it to come true. We think so many things in life are true because we desperately want them to be true. People do this with their relationships, careers and even their investments. Anything forward-looking is subject to be influenced by your desire to live a pleasant life, no one wants to genuinely feel like the markets will go upside down because that means going about your day in the future will be difficult. Believing something will be true is often the only comfort in an uncertain world and my job as an advisor is to bring clients an honest reality, to have those difficult conversations.”
By providing this insight, Jayden aims to help his clients align their expectations and make informed decisions that can lead to long-term success.
Clarifying the Process
Jayden is dedicated to providing clarity amidst the complexities of financial matters. “I find the financial industry very intimidating,” Jayden says. “Many people are hesitant to ask questions because of the complex jargon and confusion it creates. Though my job title may be Wealth Advisor, I often believe a more suitable description would be ‘financial translator’.”
Clients often assume the only reason to hire an Advisor is to get better returns. “The reality is, clients don’t realize that the other significant benefit is to help set goals and take the emotion out of their decisions,” he explains. “I help clients understand what is attainable and what isn’t attainable and provide great value by keeping clients on their path through stormy conditions like market shifts, inflation concerns, or geopolitical turmoil.”
To emphasize the importance of clarity, Jayden uses the analogy of a GPS.
“When you open Google Maps on your phone, what's the first thing it needs to know? Most people would answer, "Where are you going?" While that's important, the true answer is, "Where are you now?" Similarly, in financial planning, we need to assess your current financial situation. This includes gathering information about you, your family, and the business to truly understand your needs and goals.”
“The next step involves where you want to go,” Jayden explains. “This involves envisioning your dream retirement and considering what you want to do with your life after being a business owner for so long. Transitioning into a new career can be challenging, especially when you've been accustomed to a certain way of life for many years. It's natural to feel a sense of stubbornness and resistance to change. Once we’ve identified your current position and desired destination, it’s my job to provide clarity on your roadmap while also anticipating bumps along the way and remaining prepared to readjust our plans accordingly.”
“This entire process requires both trust and honesty to assess where we currently stand. Then, we explore where you want to go and define what “enough” means to you,” Jayden explains. “For example, is the end goal to retire in Florida as a snowbird while renting out your primary residence in Canada? Defining these aspirations can help me get a clear understanding of the client’s goals, which can help us create a roadmap that aligns with their expectations.”
Jayden expresses that the most rewarding feeling comes from providing assistance to someone and witnessing their growth and development over a period of years. The ultimate outcome of seeing clients express gratitude and acknowledging the positive impact of his guidance is what drives his fulfillment in his work.
The power of mentorship
Being a young professional in this industry provides many unique advantages. “Not only do you experience the fulfillment of witnessing your clients' growth, but you also have the opportunity to manage their children's finances and handle inheritance matters as time goes on,” Jayden says. “You get to actively participate in facilitating these transitions, and I believe that makes a tremendous difference.”
Jayden attributes much of his success to receiving influential mentorship. “Scotia McLeod has a culture that revolves around mutual support and helping one another,” he mentions. “With this, I’ve been fortunate to have excellent mentors, and I believe that's the best part about being a part of this organization.” During his first two years upon graduating from University, Jayden had the privilege of working with an Advisor who took him under his wing, provided valuable exposure, and most importantly, instilled confidence in him. “His support and guidance played a significant role in shaping the person I am today. I am truly grateful for his influence,” Jayden states proudly.
Giving back to the community
When it comes to professional development, Jayden doesn't settle for a passive role on the sidelines. He's an active player in the community, forging alliances with organizations like ErinoakKids. His genuine desire to give back to the community ignites a fire within him, creating a personal mission to provide financial literacy to not only his clients but others who feel they could benefit from it. He has already started by delivering an awe-inspiring presentation on financial literacy to a group of young adults early this summer.
In a meeting with their fundraising manager at a networking event, Jayden was asked how he would be willing to give back to the community. “I firmly believe in the importance of giving back and contributing to society,” he says. “We discussed potential ways in which I could contribute, and they presented me with an opportunity. They asked how I would like to give back and what I could offer. In my experience, when you engage in giving back, you either contribute financially or with your time. At the moment, I am unable to contribute financially, so I decided to give back with my time.”
The value of balance
Jayden’s enthusiasm for the future shines through as he shares his aspirations for both his professional and personal life. “In my job, I eagerly anticipate building a strong client base that I can establish meaningful connections with; treating them not just as clients but as friends. It would be wonderful to surround myself with like-minded individuals who also embrace the concept of living life to the fullest.”
For Jayden, finding that balance between work and personal life is key. “For this reason, I plan to live my life to the fullest,” he explains. “I find myself drawn to clients and individuals who share the same viewpoint and are willing to embrace such experiences. It's often said that the challenges we face in life make life interesting and overcoming these challenges is what gives life meaning. I particularly enjoy travelling, especially solo trips. Recently, I returned from a phenomenal 25-day journey through Southeast Asia, specifically Thailand, Cambodia, and Vietnam. Experiences like that truly add meaning to life.”
Jayden is also passionate about exploring new sports and pushing his physical boundaries, with a particular focus on triathlons. The challenge and thrill of testing his limits excite him, and he embraces the opportunity for growth and personal development through these athletic endeavours.
With a blend of excitement, curiosity, and ambition, Jayden looks forward to a future filled with professional growth, personal accomplishments, and memorable journeys that will enrich both his career and his life outside of work.
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Jayden Wiggins, Scotia Wealth Management
1235 North Service Rd W,
Oakville, ON L6M 2W2
289 - 952 - 2786